Premarket: Global stocks pause, U.S. dollar languishes ahead of Fed update on rates

Global shares paused on Wednesday after a weeks-long rebound towards record highs, leaving the dollar languishing at 2024 lows as investors hoped for clearer clues on Friday from the Federal Reserve on the magnitude of future interest rate cuts.

In Europe, the STOXX index of 600 companies was up 0.1% at 512.76 points, nearing its all-time high of 525.59 on June 7. Later on Wednesday preliminary revisions to U.S. labour data are due to be published and a large downward revision is expected, helping to support the case for cutting interest rates.

A potentially unique situation beckons where there are material rate cuts but without a recession, unlike the backdrop for cutting borrowing costs in five of the past seven cutting cycles, said Ross Yarrow, U.S. equities managing director at investment bank Baird. On Wall Street, the S&P 500 snapped eight sessions of gains with a 0.2% overnight drop as investors took a breather.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5%.dropping 8.6% as top shareholder Walmart moved to sell its large stake.

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